Core Insights - Goldman Sachs demonstrated strong performance in its traditional strengths of trading and investment banking, with investment banking revenue increasing by 43% year over year [1] - Advisory revenue surged by 60% year over year, while underwriting for equities rose by 21% and for debt by 30% [1] Investment Banking Performance - Investment banking revenue rose significantly, indicating robust demand for advisory and underwriting services [1] - The increase in advisory revenue and underwriting suggests a favorable market environment for mergers, acquisitions, and capital raising activities [1] Trading Performance - Overall trading revenue showed mixed results, with fixed income, currencies, and commodities trading rising by 17% to $3.47 billion, exceeding average estimates [2] - Equities trading, however, increased by only 7%, falling short of consensus estimates by approximately $200 million, reporting $3.74 billion for the quarter [2] Expense Management - Goldman Sachs set aside $339 million for bad loans, which was lower than the consensus estimate of nearly $370 million, indicating better-than-expected credit quality [2] - Operating expenses increased by 14% year over year, with compensation expenses also rising by 14%, reflecting higher costs associated with talent retention and recruitment [3] Market Exposure - Goldman Sachs is noted as the most exposed major bank to investment banking revenue, suggesting it may respond more quickly to recession risks or market condition deterioration compared to its peers [4] - Despite potential risks, the current performance metrics, particularly in investment banking, appear solid [4]

Core Insights - Goldman Sachs reported quarterly earnings of $12.25 per share, exceeding the Zacks Consensus Estimate of $11.11 per share, and showing a significant increase from $8.4 per share a year ago, representing an earnings surprise of +10.26% [1] - The company achieved revenues of $15.18 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 7.37% and up from $12.7 billion year-over-year [2] - Goldman Sachs has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Performance - The earnings surprise for the previous quarter was +15.69%, with actual earnings of $10.91 per share compared to an expected $9.43 [1] - The current consensus EPS estimate for the upcoming quarter is $11.26, with expected revenues of $13.69 billion, while the fiscal year estimate is $47.16 on $57.3 billion in revenues [7] Stock Performance - Goldman shares have increased approximately 37.4% year-to-date, significantly outperforming the S&P 500's gain of 13.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Outlook - The Financial - Investment Bank industry is currently ranked in the top 12% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - The company's net revenues for 3Q25 reached $15.18 billion[3], a 20% increase compared to 3Q24[5] - Net earnings for 3Q25 were $4.10 billion[3], with diluted EPS at $12.25[3], a 46% increase compared to 3Q24[5] - The annualized ROE for 3Q25 was 14.2%, and the annualized ROTE was 15.2%[3] - For 3Q25 YTD, net revenues were $44.83 billion[3], a 13% increase compared to the same period last year[5] - 3Q25 YTD net earnings were $12.56 billion[3], with diluted EPS at $37.33[3], a 30% increase compared to the same period last year[5] Segment Performance - Global Banking & Markets reported net revenues of $10.115 billion in 3Q25[5], an 18% increase compared to 3Q24[5] - Asset & Wealth Management's net revenues for 3Q25 were $4.399 billion[5], a 17% increase compared to 3Q24[5] - Platform Solutions generated net revenues of $670 million in 3Q25[5], a 71% increase compared to 3Q24[5] Asset & Wealth Management - Assets Under Supervision (AUS) reached a record $3.45 trillion[3] - Alternative investments AUS increased to $374 billion[24] - Total AUS net inflows were $79 billion during the quarter[29] Capital and Balance Sheet - Deposits totaled $490 billion[51] - The Standardized CET1 capital ratio was 14.4%[52] - Book value per common share increased 1.2% QoQ to $353.79[3, 55]

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Core Insights - Goldman Sachs reported record third-quarter results, achieving revenues of $15 billion and earnings per share of $12.25, surpassing forecasts of $14.1 billion in revenues and $11 in earnings per share [1][3] Financial Performance - The investment banking division generated $2.6 billion in fees, contributing significantly to the overall performance [1] - The company's stock price increased by 37% this year, reflecting strong market confidence [5] Strategic Moves - Goldman Sachs announced plans to acquire Industry Ventures, a venture capital firm managing $7 billion in assets, for $665 million in cash and equity, with potential additional payments based on future performance [5][6] - The acquisition is expected to close early next year, indicating a strategic expansion into venture capital [6] Market Environment - CEO David Solomon highlighted that the results reflect the strength of the client franchise and the execution of strategic priorities in an improved market environment [4] - Trading desks benefited from market volatility caused by tariff policies, impacting various asset classes [4]

Goldman Sachs announced its Q3 earnings before the opening bell on Tuesday, beating analyst expectations and showing solid momentum across its core businesses. ...

Goldman Sachs releasing its quarterly results. Guess who. Leslie's back.She's got that report, too. This is like an absolute marathon at a sprint rolled into one for you today, Les. >> It is.It only happens once every three months. Uh, so we power through. But you're right, Becky.Goldman Sachs out with its report. Significant beats here on the top and bottom lines. Revenue grew 11% in the third quarter to 14.1% billion.That's thanks to sizable gains in the firm's global banking and markets business. Fees Go ...

[Executive Summary & Key Financial Highlights](index=2&type=section&id=Executive%20Summary) The firm reported strong financial results for Q3 2025, with significant year-over-year increases in net revenues, net earnings, and diluted EPS, alongside improved ROE and book value growth [Third Quarter 2025 Performance Overview](index=2&type=section&id=Third%20Quarter%202025%20Performance%20Overview) The Goldman Sachs Group, Inc. reported strong financial results for the third quarter ended September 30, 2025, with significant year-over-year increases in net revenues, net earnings, and diluted earnings per common share, alongside improved annualized return on equity and book value per share growth Key Financial Highlights (3Q25 vs. 3Q24 & 2Q25) | Metric | 3Q25 | 3Q24 | 2Q25 | YoY Change | QoQ Change | | :-------------------------------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Net Revenues | $15.18 billion | $12.699 billion | $14.583 billion | +20% | +4% | | Net Earnings | $4.10 billion | $2.990 billion | $3.723 billion | +37% | +10% | | Diluted EPS | $12.25 | $8.40 | $10.91 | +46% | +12% | | Annualized ROE | 14.2% | N/A | N/A | N/A | N/A | | Book Value Per Share | $353.79 | $332.96 | $349.74 | +6% | +1% | Key Financial Highlights (3Q25 YTD vs. 3Q24 YTD) | Metric | 3Q25 YTD | 3Q24 YTD | YTD Change | | :-------------------------------- | :--------- | :--------- | :--------- | | Net Revenues | $44.83 billion | $39.643 billion | +13% | | Net Earnings | $12.56 billion | $10.165 billion | +24% | | Diluted EPS | $37.33 | $28.64 | +30% | | Annualized ROE | 14.6% | N/A | N/A | | Book Value Per Share YTD Growth | 5.1% | N/A | N/A | [Net Revenues by Segment](index=3&type=section&id=Net%20Revenues%20by%20Segment) Net revenues across all segments showed strong year-over-year growth, driven by robust performance in Global Banking & Markets, Asset & Wealth Management, and Platform Solutions [Global Banking & Markets](index=3&type=section&id=Global%20Banking%20%26%20Markets) Net revenues in Global Banking & Markets increased 18% year-over-year to $10.12 billion in Q3 2025, driven by strong performance across Investment Banking fees, Fixed Income, Currency and Commodities (FICC), and Equities Global Banking & Markets Net Revenues (3Q25) | Category | 3Q25 Net Revenues ($ millions) | YoY Change | QoQ Change | | :-------------------------- | :----------------------------- | :--------- | :--------- | | Total Global Banking & Markets | $10,115 | +18% | 0% | | Investment banking fees | $2,657 | +42% | +21% | | FICC | $3,472 | +17% | 0% | | Equities | $3,736 | +7% | -13% | | Other | $250 | +10% | +55% | - Investment banking fees increased **42% YoY**, primarily due to significantly higher net revenues in Advisory (reflecting increased M&A volumes) and Debt underwriting (driven by leveraged finance activity). Equity underwriting also saw higher revenues from initial public offerings[9](index=9&type=chunk) - FICC net revenues rose **17% YoY**, mainly from FICC intermediation (interest rate products, mortgages, commodities) and FICC financing (mortgages, structured lending), partially offset by lower revenues in currencies and credit products[10](index=10&type=chunk) - Equities net revenues increased **7% YoY**, driven by significantly higher Equities financing (prime financing), partially offset by lower Equities intermediation (cash products)[11](index=11&type=chunk) [Asset & Wealth Management](index=4&type=section&id=Asset%20%26%20Wealth%20Management) Asset & Wealth Management net revenues grew 17% year-over-year to $4.40 billion in Q3 2025, primarily reflecting higher Management and other fees due to increased assets under supervision, and significantly higher Private banking and lending revenues Asset & Wealth Management Net Revenues (3Q25) | Category | 3Q25 Net Revenues ($ millions) | YoY Change | QoQ Change | | :-------------------------- | :----------------------------- | :--------- | :--------- | | Total Asset & Wealth Management | $4,399 | +17% | +16% | | Management and other fees | $2,945 | +12% | +5% | | Incentive fees | $77 | -9% | -25% | | Private banking and lending | $1,057 | +40% | +34% | | Equity investments | $116 | 0% | N.M. | | Debt investments | $204 | +15% | +146% | - The increase in Management and other fees primarily reflected the impact of higher average **assets under supervision**[15](index=15&type=chunk) - Private banking and lending net revenues were primarily driven by the payment of interest on a previously impaired loan[15](index=15&type=chunk) - Debt investments net revenues were higher, reflecting net mark-ups compared with net mark-downs in the prior year period, partially offset by lower net interest income due to a reduction in the debt investments balance sheet[15](index=15&type=chunk) [Platform Solutions](index=4&type=section&id=Platform%20Solutions) Platform Solutions net revenues significantly increased by 71% year-over-year to $670 million in Q3 2025, primarily due to improved performance in Consumer platforms and Transaction banking, recovering from prior year losses and mark-downs Platform Solutions Net Revenues (3Q25) | Category | 3Q25 Net Revenues ($ millions) | YoY Change | QoQ Change | | :-------------------------- | :----------------------------- | :--------- | :--------- | | Total Platform Solutions | $670 | +71% | -2% | | Consumer platforms | $599 | +80% | -4% | | Transaction banking and other | $71 | +22% | +15% | - Consumer platforms net revenues were significantly higher, primarily reflecting a net loss in the prior year period related to the General Motors credit card program that was transferred to held for sale[18](index=18&type=chunk) - Transaction banking and other net revenues were higher, primarily reflecting mark-downs in the prior year period related to the seller financing loan portfolio that was transferred to held for sale[18](index=18&type=chunk) [Consolidated Financial Performance](index=4&type=section&id=Consolidated%20Financial%20Performance) The firm's consolidated financial performance in Q3 2025 showed decreased credit loss provisions, increased operating expenses, a higher effective tax rate, and significant capital returns to shareholders [Provision for Credit Losses](index=4&type=section&id=Provision%20for%20Credit%20Losses) Provision for credit losses decreased to $339 million in Q3 2025, down 15% year-over-year and 12% quarter-over-quarter, primarily reflecting net provisions related to the credit card portfolio Provision for Credit Losses | Period | Amount ($ millions) | | :---------------- | :------------------ | | 3Q25 | $339 | | 3Q24 | $397 | | 2Q25 | $384 | - Provisions for Q3 2025 primarily reflected net provisions related to the credit card portfolio, driven by net charge-offs[20](index=20&type=chunk) [Operating Expenses](index=5&type=section&id=Operating%20Expenses) Operating expenses increased 14% year-over-year to $9.45 billion in Q3 2025, driven by higher compensation and benefits, transaction-based expenses, charitable contributions, and litigation provisions. The firm's efficiency ratio improved to 62.1% for the first nine months of 2025 Operating Expenses & Efficiency Ratio | Metric | 3Q25 | 3Q24 | 2Q25 | YoY Change | QoQ Change | | :---------------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Operating Expenses | $9.45 billion | $8.315 billion | $9.241 billion | +14% | +2% | | YTD Efficiency Ratio | 62.1% (3Q25 YTD) | 64.3% (3Q24 YTD) | N/A | -2.2 ppts | N/A | - The increase in operating expenses compared with Q3 2024 primarily reflected increases in compensation and benefits (due to improved operating performance), transaction-based expenses, charitable contributions, and net provisions for litigation and regulatory proceedings[26](index=26&type=chunk) - Headcount increased **5%** compared with the end of Q2 2025, reflecting the timing of campus hires[27](index=27&type=chunk) [Provision for Taxes](index=5&type=section&id=Provision%20for%20Taxes) The effective income tax rate for the first nine months of 2025 was 21.5%, an increase from 20.2% for the first half of 2025, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards Effective Income Tax Rate | Period | Rate | | :---------------- | :--------- | | 3Q25 YTD | 21.5% | | 1H25 | 20.2% | - The increase in the effective income tax rate was primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards[28](index=28&type=chunk) [Capital Management and Shareholder Returns](index=5&type=section&id=Capital%20Management%20and%20Shareholder%20Returns) The Board of Directors declared a quarterly dividend of $4.00 per common share. The firm returned $3.25 billion of capital to common shareholders during Q3 2025, comprising $2.00 billion in common share repurchases and $1.25 billion in common stock dividends Shareholder Returns (3Q25) | Metric | Amount | | :-------------------------- | :------------------ | | Declared Quarterly Dividend | $4.00 per common share | | Total Capital Returned | $3.25 billion | | Common Share Repurchases | $2.00 billion (2.8 million shares) | | Common Stock Dividends | $1.25 billion | - Global core liquid assets averaged **$481 billion** for Q3 2025, compared with an average of $462 billion for Q2 2025[29](index=29&type=chunk) [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for Q3 and YTD 2025 demonstrate strong revenue and earnings growth, alongside a robust balance sheet with increased assets and deposits [Consolidated Statements of Earnings (Three Months Ended)](index=9&type=section&id=Consolidated%20Statements%20of%20Earnings%20(Three%20Months%20Ended)) The consolidated statements of earnings for the three months ended September 30, 2025, show robust growth across key financial metrics, with total net revenues up 20% YoY and diluted EPS increasing 46% YoY Consolidated Statements of Earnings (Three Months Ended September 30, 2025) | Metric | Sep 30, 2025 ($ millions) | Jun 30, 2025 ($ millions) | Sep 30, 2024 ($ millions) | % Change from Jun 30, 2025 | % Change from Sep 30, 2024 | | :-------------------------------- | :------------------------ | :------------------------ | :------------------------ | :------------------------- | :------------------------- | | Total net revenues | $15,184 | $14,583 | $12,699 | 4% | 20% | | Net interest income | $3,852 | $3,104 | $2,347 | 24% | 64% | | Provision for credit losses | $339 | $384 | $397 | (12)% | (15)% | | Total operating expenses | $9,453 | $9,241 | $8,315 | 2% | 14% | | Pre-tax earnings | $5,392 | $4,958 | $3,987 | 9% | 35% | | Net earnings | $4,098 | $3,723 | $2,990 | 10% | 37% | | Net earnings applicable to common shareholders | $3,860 | $3,473 | $2,780 | 11% | 39% | | Diluted EPS | $12.25 | $10.91 | $8.40 | 12% | 46% | | Common shareholders' equity | $109,249 | $108,943 | $107,947 | 0% | 1% | | Book value per common share | $353.79 | $349.74 | $332.96 | 1% | 6% | | Headcount | 48,300 | 45,900 | 46,400 | 5% | 4% | [Consolidated Statements of Earnings (Nine Months Ended)](index=10&type=section&id=Consolidated%20Statements%20of%20Earnings%20(Nine%20Months%20Ended)) For the first nine months of 2025, the firm demonstrated strong year-over-year growth, with total net revenues increasing 13% and diluted EPS rising 30% compared to the same period in 2024 Consolidated Statements of Earnings (Nine Months Ended September 30, 2025) | Metric | Sep 30, 2025 ($ millions) | Sep 30, 2024 ($ millions) | % Change from Sep 30, 2024 | | :-------------------------------- | :------------------------ | :------------------------ | :------------------------- | | Total net revenues | $44,829 | $39,643 | 13% | | Net interest income | $9,851 | $5,711 | 72% | | Provision for credit losses | $1,010 | $997 | 1% | | Total operating expenses | $27,822 | $25,506 | 9% | | Pre-tax earnings | $15,997 | $13,140 | 22% | | Net earnings | $12,559 | $10,165 | 24% | | Net earnings applicable to common shareholders | $11,916 | $9,602 | 24% | | Diluted EPS | $37.33 | $28.64 | 30% | [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2025, the firm's balance sheet shows total assets of $1,808 billion, with deposits as the largest liability component at $490 billion Condensed Consolidated Balance Sheets (As of September 30, 2025) | Metric | Sep 30, 2025 ($ billions) | Jun 30, 2025 ($ billions) | | :-------------------------- | :------------------------ | :------------------------ | | Total assets | $1,808 | $1,785 | | Cash and cash equivalents | $169 | $153 | | Trading assets | $653 | $628 | | Loans | $222 | $217 | | Deposits | $490 | $466 | | Total liabilities | $1,684 | $1,661 | | Shareholders' equity | $124 | $124 | [Supplementary Financial Data](index=11&type=section&id=Supplementary%20Financial%20Data) Supplementary financial data highlights strong capital adequacy, a decrease in average daily VaR, and significant growth in assets under supervision [Capital Ratios and Supplementary Leverage Ratio](index=11&type=section&id=Capital%20Ratios%20and%20Supplementary%20Leverage%20Ratio) The firm maintained strong capital adequacy as of September 30, 2025, with Common Equity Tier 1 (CET1) ratios of 14.4% (Standardized) and 15.2% (Advanced), and a Supplementary Leverage Ratio of 5.2% Capital Ratios (As of September 30, 2025) | Metric | Sep 30, 2025 | Jun 30, 2025 | | :-------------------------- | :----------- | :----------- | | Common equity tier 1 capital | $103.7 billion | $102.6 billion | | Standardized CET1 capital ratio | 14.4% | 14.5% | | Advanced CET1 capital ratio | 15.2% | 15.3% | | Supplementary leverage ratio | 5.2% | 5.3% | [Average Daily VaR](index=11&type=section&id=Average%20Daily%20VaR) The average daily Value at Risk (VaR) for Q3 2025 was $91 million, a decrease from $98 million in Q2 2025, reflecting changes across various risk categories Average Daily VaR ($ millions) (Three Months Ended) | Risk Category | Sep 30, 2025 | Jun 30, 2025 | | :-------------------------- | :----------- | :----------- | | Interest rates | $72 | $79 | | Equity prices | $51 | $48 | | Currency rates | $19 | $23 | | Commodity prices | $20 | $15 | | Diversification effect | ($71) | ($67) | | Total | $91 | $98 | [Assets Under Supervision](index=12&type=section&id=Assets%20Under%20Supervision) Total Assets Under Supervision (AUS) reached $3,452 billion as of September 30, 2025, representing a 5% increase quarter-over-quarter and an 11% increase year-over-year, driven by net inflows and market appreciation Assets Under Supervision ($ billions) (As of September 30, 2025) | Asset Class | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------- | :----------- | :----------- | :----------- | | Alternative investments | $374 | $355 | $328 | | Equity | $914 | $857 | $780 | | Fixed income | $1,313 | $1,253 | $1,220 | | Total long-term AUS | $2,601 | $2,465 | $2,328 | | Liquidity products | $851 | $828 | $775 | | Total AUS | $3,452 | $3,293 | $3,103 | Total AUS Net Inflows / (Outflows) ($ billions) (Three Months Ended) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------- | :----------- | :----------- | :----------- | | Total AUS net inflows / (outflows) | $79 | $5 | $66 | | Net market appreciation / (depreciation) | $80 | $115 | $103 | [Company Information and Disclosures](index=6&type=section&id=Company%20Information%20and%20Disclosures) This section provides an overview of the firm's profile, important cautionary notes regarding forward-looking statements, conference call details, and essential footnotes for financial context [Company Profile](index=6&type=section&id=Company%20Profile) The Goldman Sachs Group, Inc. is a leading global financial institution, founded in 1869 and headquartered in New York, offering a comprehensive range of financial services to a diverse client base worldwide - The Goldman Sachs Group, Inc. is a leading global financial institution[30](index=30&type=chunk) - Founded in 1869, the firm is headquartered in New York and maintains offices in major financial centers globally[30](index=30&type=chunk) - It delivers a broad range of financial services to corporations, financial institutions, governments, and individuals[30](index=30&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=6&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section highlights that the press release contains forward-looking statements, which are subject to inherent uncertainties and risks, and actual results may differ materially. It advises readers to consult the firm's Annual Report on Form 10-K for detailed risk factors - The press release contains "forward-looking statements" subject to inherent uncertainties and risks[31](index=31&type=chunk) - Actual results, financial condition, and liquidity may differ materially from anticipated results[31](index=31&type=chunk) - Preliminary estimates for assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets, and VaR are subject to change[32](index=32&type=chunk) [Conference Call Information](index=6&type=section&id=Conference%20Call%20Information) Details for the public conference call to discuss the firm's Q3 2025 financial results, including dial-in instructions and webcast access, scheduled for October 14, 2025, at 9:30 am ET - A conference call to discuss financial results will be held on October 14, 2025, at 9:30 am (ET)[35](index=35&type=chunk) - Dial-in numbers: **1-800-289-0459** (U.S.) or **1-323-794-2095** (outside U.S.), passcode **7042022**[35](index=35&type=chunk) - The call will also be accessible via audio webcast through the Investor Relations section of www.goldmansachs.com/investor-relations, with a replay available approximately three hours after the event[35](index=35&type=chunk) [Footnotes](index=13&type=section&id=Footnotes) The footnotes provide definitions for key financial metrics, such as Annualized ROE, and direct readers to the firm's Quarterly Report on Form 10-Q and Form 8-K for additional information and detailed explanations of various financial items and regulatory disclosures - Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders' equity[47](index=47&type=chunk) - References are provided to the firm's Quarterly Report on Form 10-Q for details on Investment banking fees backlog, assets under supervision, efficiency ratio, share repurchase program, global core liquid assets, basic shares, VaR, capital ratios, geographic net revenues, and unvested share-based awards[47](index=47&type=chunk) - Preliminary estimates for certain financial data (e.g., assets under supervision, capital ratios) are subject to revision in the firm's Quarterly Report on Form 10-Q for the period ended September 30, 2025[48](index=48&type=chunk)

Investment banking revenue jumped 42% and results beat expectations. ...

Goldman Sachs' quarterly profit jumped more than 37% on Tuesday as its investment bankers earned higher advisory fees and traders capitalized on active markets. ...